Petronet LNG Q2 results: Net profit declines 16% to Rs 927 crore

Petronet LNG Q2 results: Net profit declines 16% to Rs 927 crore
By , ET Bureau
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The company adopted the new tax regime last year, which lowered its net tax liability, boosting year-ago quarter's profit.

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NEW DELHI: Petronet LNG, the country’s largest natural gas importer, has posted a 16 per cent decline in quarterly profit due to a shift in tax regime.

The profit for the July-September quarter fell to Rs 927 crore from Rs 1,103 crore a year earlier. The profit before tax, however, rose 40 per cent to a record high of Rs 1,242 crore during the quarter from a year earlier on resurgence of demand and effective commercial planning, said Vinod Kumar Mishra, the finance chief and acting CEO of Petronet LNG.

The company adopted the new tax regime last year, which lowered its net tax liability, boosting year-ago quarter's profit.

Revenue for the quarter fell 32 per cent in a year to Rs 6,395 crore on lower gas prices.

Capacity utilization at both its liquefied natural gas import terminals at Dahej in Gujarat and Kochi in Kerala rose to record levels during the quarter, said Mishra. Terminal at Dahej operated at 109 per cent while the one at Kochi operated at 17 per cent.

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